Latest Phoenix Services News
Jan 23, 2019
Friday, December 15, 2017 Stamford, CT based private equity firm Olympus Partners is pleased to announce that the firm has entered into a definitive agreement to sell Phoenix Services to funds managed by affiliates of Apollo Global Management, LLC (“Apollo”). Phoenix Services is a premier provider of outsourced slag handling, metal reclamation, and other complementary services to leading steel mill customers around the world. Olympus acquired a controlling stake of Phoenix in 2009 and has remained partners with the Company’s original financial sponsor Atlas Holdings since the transaction. Under Olympus and Atlas’ ownership period, Phoenix transformed from a start-up to the number three player in the global marketplace serving world class customers such as ArcelorMittal, Nucor Steel, and US Steel, among others. “Olympus and Atlas have been excellent partners in helping us aggressively grow the Company. It has been great to have financial sponsors that share management’s vision of building a best in class operator” said CEO Terry Wagaman. Dave Cardenas, a partner at Olympus, commented "Phoenix’s talented management team has done a great job of building and maintaining a culture of operational excellence during a time period of significant growth. It has been a pleasure to be involved with this investment and I look forward to following the Company’s continued success under Apollo’s ownership.” Founded in 1988, Olympus Partners is a private equity firm focused on providing equity capital for management buyouts and for companies needing capital for expansion. Olympus’ primary investment thesis is to back high quality management teams in their growth plans with strategic advice and capital. Olympus is an active, long-term investor across a broad range of industries, including business services, industrials, transportation and logistics, healthcare services, consumer products and financial services. Olympus manages in excess of $5.5 billion primarily on behalf of corporate pension funds, endowment funds and state-sponsored retirement programs. The Olympus team included Dave Cardenas, Mike Horgan, Matt Boyd and Bohdan Tyshynsky. Phoenix was represented in the sale by Goldman Sachs and William Blair with legal representation from Kirkland & Ellis, and Management was represented by Curtis, Mallet-Prevost, Colt & Mosle.